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Large enterprise businesses spend tons of money keeping track of their financial dealings \u2014 think accountants, financial analysts, consultants and enterprise-grade accounting software. Sam Bankman-Fried, meanwhile, used Microsoft Excel.\u00a0<\/p>\n
On Jan. 17, in another sloppy Excel spreadsheet, SBF revealed that FTX US was solvent. The Excel file purportedly showed customer balances, bank deposits and assets held in cold storage. \u201cS&C forgot to include bank balances\u201d of roughly $428 million, SBF said, referring to FTX\u2019s former legal counsel Sullivan & Cromwell. \u201cOnce you add those back in, you get in the neighborhood of my prior balance sheet\u201d of around $350 million, he said.<\/p>\n
This week\u2019s Crypto Biz explores the \u201cHerculean investigative effort\u201d to identify billions in liquid FTX assets. We also give you the latest on the ongoing Digital Currency Group saga. <\/p>\n
SBF wasn\u2019t the only one seeking to unearth FTX\u2019s remaining balances. The bankrupt exchange\u2019s debtors have identified $5.5 billion in liquid assets, including $1.7 billion in cash, $3.5 billion in crypto assets and around $300 million in securities. \u201cWe are making important progress in our efforts to maximize recoveries, and it has taken a Herculean investigative effort from our team to uncover this preliminary information,\u201d said FTX CEO John Ray. Before you get too excited, know there is still a \u201csubstantial shortfall of digital assets,\u201d according to FTX\u2019s debtors. This means FTX users shouldn\u2019t expect to be made whole anytime soon.<\/p>\n
\nSharing the FTX Debtors\u2019 press release just issued: https:\/\/t.co\/fcSs36nFmq<\/p>\n